The tepid start to the holiday shopping season is expected to continue as consumers respond to high prices, an Attain survey finds.

Anyone who was hoping for a post-election surge in holiday shopping might be disappointed, as consumers are spending less this holiday season because of inflation, according to a new report from Attain.

A majority (74 percent) of consumers say they will not increase their holiday spending this year compared to last year. More than two-fifths (43 percent) of respondents say they will spend less on holiday goods this year, with a quarter reporting they plan to significantly reduce their holiday shopping this year, the survey finds. Only a quarter (26 percent) of respondents report increasing their spending this year.

The obvious culprit for this slowdown in holiday consumption is inflation, which has been a focal point in the national consciousness amid the recent presidential election. In a separate question, a majority of consumers (60 percent) report that they have decreased their overall spending due to higher prices caused by inflation. Forty percent of all respondents say they have significantly cut back on purchasing because of the increased costs of goods.

The grim outlook for the holiday shopping season reflects low consumer confidence following years of record inflation rates in the post-pandemic economic recovery. Consumers, it seems, are finally pulling back on spending due to high prices.

Economic dissatisfaction has remained at disproportionately high levels the past few years despite a steady economic recovery. This strange mix of economic signals was coined the “vibecession,” as in people feeling negative about the economy despite a number of positive economic indicators. Economic dissatisfaction rose this year, in particular, which, combined with apprehensions about the presidential election, has resulted in a slowdown in sales.

More than a third (37 percent) of survey respondents reported taking advantage of early holiday shopping deals, such as Amazon Prime Day and Target Circle Week, but early buying doesn’t necessarily equate to more sales. Rather, the early start to the holiday shopping season tends to stretch holiday spending out over a longer period of time.

There are some reasons for optimism, however. Economic dissatisfaction decreased immediately following the election results, independent market analyst Andrew Lipsman noted on a recent episode of the “Why?!” podcast, and the stock market has also rallied, suggesting a new found enthusiasm among consumers. It’s unclear whether this will translate to more sales and save the holiday shopping season, but brands will certainly be hoping for a Christmas miracle.